DA Davidson Increases Lumentum (LITE) Price Target to $101.00

Lumentum (NASDAQ:LITE) had its target price boosted by analysts at DA Davidson to $101.00 in a report released on Wednesday, The Fly reports. The firm currently has a “buy” rating on the technology company’s stock. DA Davidson’s price target would suggest a potential upside of 82.31% from the stock’s current price.

Several other research firms have also issued reports on LITE. Morgan Stanley raised Lumentum from an “underweight” rating to an “equal weight” rating and set a $46.00 price objective for the company in a research note on Tuesday, January 23rd. Barclays raised Lumentum from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $65.00 to $67.00 in a research note on Wednesday, January 10th. BidaskClub lowered Lumentum from a “hold” rating to a “sell” rating in a research note on Friday, December 29th. Zacks Investment Research lowered Lumentum from a “buy” rating to a “hold” rating in a research note on Wednesday, October 25th. Finally, Stifel Nicolaus decreased their price target on Lumentum from $75.00 to $66.00 and set a “buy” rating for the company in a research note on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $70.41.

Shares of Lumentum (LITE) opened at $55.40 on Wednesday. The stock has a market capitalization of $3,430.00 and a P/E ratio of 38.21. Lumentum has a one year low of $40.35 and a one year high of $68.63. The company has a quick ratio of 4.38, a current ratio of 4.84 and a debt-to-equity ratio of 0.38.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Tuesday, February 6th. The technology company reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.67. The business had revenue of $404.60 million during the quarter, compared to analyst estimates of $357.03 million. Lumentum had a return on equity of 24.06% and a net margin of 8.97%. The company’s revenue for the quarter was up 52.7% on a year-over-year basis. During the same period last year, the company earned $0.57 EPS. sell-side analysts predict that Lumentum will post 2.64 earnings per share for the current fiscal year.

In other Lumentum news, Director Martin A. Kaplan sold 15,000 shares of the firm’s stock in a transaction on Monday, November 13th. The stock was sold at an average price of $57.07, for a total transaction of $856,050.00. Following the transaction, the director now directly owns 29,573 shares in the company, valued at approximately $1,687,731.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Penny Herscher sold 822 shares of the firm’s stock in a transaction on Friday, December 8th. The stock was sold at an average price of $50.61, for a total value of $41,601.42. Following the transaction, the director now owns 34,793 shares in the company, valued at $1,760,873.73. The disclosure for this sale can be found here. Insiders have sold a total of 31,643 shares of company stock worth $1,806,554 over the last 90 days. 0.76% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pacer Advisors Inc. purchased a new position in Lumentum during the 3rd quarter worth $434,000. Shelton Capital Management purchased a new position in Lumentum during the 2nd quarter worth $314,000. Schwab Charles Investment Management Inc. increased its holdings in Lumentum by 9.8% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 320,195 shares of the technology company’s stock worth $17,403,000 after purchasing an additional 28,695 shares during the period. DekaBank Deutsche Girozentrale purchased a new position in Lumentum during the 3rd quarter worth $318,000. Finally, Macquarie Group Ltd. increased its holdings in Lumentum by 21.5% during the 3rd quarter. Macquarie Group Ltd. now owns 114,540 shares of the technology company’s stock worth $6,225,000 after purchasing an additional 20,244 shares during the period.

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About Lumentum

Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).

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